Earnings Performance
• Date of Call: May 27, 2024
• Core Operating Revenue: Increased by 19% to INR 766 crores
• Core EBITDA: Grew by 29% to INR 198 crores
• Cash Flow Improvement: Reduced days sales outstanding (DSOs) from 103 to 79 days
Operational Highlights
• Waste Management: 10% year-on-year increase, totaling 1.14 million tons for the quarter
• New Contracts: Key growth drivers included new contracts and improved collection volumes
• Waste-to-Energy Plant: Commissioned a 14-megawatt plant with a 71% load factor, generating over 37 million green units of electricity
• New Projects: Anticipated revenue from CIDCO biomining project and construction/debris revenue
Financial Outlook
• Debt Levels: Reported at INR 414.6 crores, with a net debt-to-equity ratio of 0.5x
• Growth Projections: Expected 20% growth in core operations and EBITDA margins of 22-24% over the next two years
• ROE and ROCE: Declining due to capital expenditures for waste-to-energy projects
Future Initiatives
• Vehicle Scrapping and Tire Recycling: Ongoing efforts with land acquisition and equipment procurement
• Chennai Project: Proposal submission expected in July for a large waste processing project
• Private Sector Opportunities: Secured contract with a major FMCG for processing recycled PET bottles
Revenue and Cost Management
• Tipping Fees: Expected approval timeline of 2-3 years for increased fees to offset COVID-related cost increases
• Contract Revenue Decline: Transition from construction to operational revenue led to a decrease in recognized contract revenue
Market Insights
• Vehicle Scrapping Business: Targeting an initial capacity of 50 vehicles per day, with potential revenues of INR 80-100 crores
• Current Tender Activities: Slowdown due to elections, with increased bidding expected from July
Conclusion
• Optimism for Future Success: Management expressed confidence in ongoing projects and growth strategies.

Earnings Performance
• Date of Call: February 14, 2024
• Core Operating Revenue: Rs. 193 Crores, up 22% YoY
• EBITDA Margins: Improved by 690 basis points to 22.3%
• Waste Managed: 1.18 million tonnes, a 13% increase
• Commercial Power Sales: Initiated from waste-to-energy plant
Financial Highlights
• Operating Revenue: Rs. 193 Crores (Q3 FY2023: Rs. 158 Crores)
• Consolidated EBITDA: Grew by 45% to Rs. 50 Crores
• Pretax Profit: Increased by 24% to Rs. 23.2 Crores
• PAT: Flat at Rs. 15.6 Crores due to deferred taxes
• Debt Position: Gross debt at Rs. 383 Crores, net debt at Rs. 330 Crores
Strategic Focus
• Operational Efficiency: Proposed merger of subsidiaries
• Revenue Growth Target: 20% to 25% CAGR in core operating revenue
• Future Projects: Emphasis on waste-to-energy and recycling initiatives
Management Insights
• Revenue Projections: Core revenues expected between Rs. 200-220 Crores
• Communication Improvement: Commitment to clearer financial communication
• Impact of Protests: No significant operational effects reported
Future Outlook
• Waste-to-Energy Plant: Projected steady-state revenue of Rs. 12-13.5 Crores quarterly
• Recycling Initiatives: Plans for vehicle scrapping and tire recycling
• Dividend Policy: To be considered once financial metrics stabilize
Conclusion
• Positive Sentiment: Anticipated growth in waste management budgets
• Strategic Shift: Focus on increasing revenue from processing projects and non-municipal sources.

Key Financial Highlights
• Record Revenue: Core operating revenue reached ₹200 Crore, a 25% year-on-year increase.
• EBITDA Margins: Improved to 24.5%, with a 23% growth in EBITDA.
• Profit After Tax: Reported at ₹32 Crore.
Corporate Restructuring and New Projects
• Restructuring: Aimed at enhancing efficiency by consolidating subsidiaries.
• New Initiatives: Focus on Collection & Transportation (C&T) and Biomining projects.
• Contract Wins: Notable contracts include a ₹386 Crore C&T contract with Panvel Municipal Corporation.
Operational Achievements
• Kanjur Facility: Processed 6,000 tonnes of municipal solid waste daily, a 14% increase.
• Waste-to-Energy Plant: Commissioned in Pimpri Chinchwad, supplying up to 8MW of power.
Future Growth and Opportunities
• Vehicle Scrapping: Targeting private clients for new vehicle recycling projects, with profitability expected in five years.
• Recycling Ventures: Exploring vehicle and tire recycling opportunities.
Financial Management
• Outstanding Debt: ₹110 Crore due within six months; ₹88 Crore overdue.
• Debt Strategy: Potential to become debt-free in four years, but maintaining some debt is beneficial for project bidding.
Construction Debris Project
• Launch Timeline: Set to start by mid-February, focusing on processing fees and byproduct sales.
• Collection Process: Involves large builders and individual homeowners, with a guarantee of 600 tonnes per day.
Revenue Diversification
• Target: Aim for 15-20% of revenue from non-municipal business over the next five years.
• Receivables Management: Estimated net effective receivables around ₹120-130 Crore.
Conclusion
• Appreciation: Management expressed gratitude for team efforts and stakeholder support, wishing a joyful Diwali and prosperous New Year.

Key Financial Highlights
• Record Core Operating Revenue: INR 179 crores
• Improved EBITDA Margins: 22.9%
• Revenue Growth: 14% increase in operating revenue year-on-year
• Projected Core Revenue Growth: 18% for FY '24
Operational Achievements
• Waste Management: Inauguration of a 1,000 ton per day waste-to-energy plant in Pimpri-Chinchwad.
• Environmental Impact: Facility expected to save INR 21 crores annually and reduce carbon emissions by 7 lakh tons.
• Increased Waste Tonnage: 14% year-on-year increase in waste managed.
Future Growth Prospects
• New Contracts: Anticipated revenue from demolition project in Mumbai and power sweeping contracts.
• Sales Volume Target: Aiming for 50,000 tons to command premium pricing for RDF sales.
• Revenue Recognition: Expected increase of INR 55-65 crores from the Pimpri Chinchwad project in FY '25.
Financial Guidance
• Operating Margins: Conservative EBITDA estimate of 23-24% for the year.
• Tax Rate Projections: Expected increase to 20-22% by FY '25.
• Core Growth Targets: 18% for FY '24 and 15-20% for FY '25.
Challenges and Concerns
• Bottom-Line Profits: Decline attributed to increased finance costs and income tax.
• Contract Bidding Confidence: Reasonable confidence in winning contracts, with a typical success rate of two out of three bids.
Additional Insights
• Escalation Clause: Inbuilt in tenders for automatic approvals post-COVID-19 delays.
• Finance Costs and Depreciation: Anticipated increase starting from Q3, estimated at INR 2.5 to 2.8 crores per quarter.
• Sustainable Future Commitment: Emphasis on sustainability and stakeholder value throughout the call.

Earnings Call Overview
• Date: May 25, 2023
• Submitted transcript to the National Stock Exchange of India on May 29, 2023.
• Key executives present: Chairman Jose Jacob, Group President Mahendra Ananthula, and N. G. Subramanian.
Operational Highlights
• Growth in Waste Management:
• Strong demand for refuse-derived fuel (RDF).
• 10% year-on-year growth in waste processing.
• Upcoming Projects:
• Waste-to-energy plant in Maharashtra.
• Construction and demolition waste project in Mumbai.
Financial Performance
• Revenue Growth:
• 31% increase in revenue, with a 15% rise in core revenue.
• EBITDA Margin:
• Decreased by approximately 6 percentage points due to delays in approvals.
• Adjusted figures suggest potential for higher margins.
• Profit and Debt:
• Pretax profit fell by 9% to Rs. 102 Crores.
• Total debt increased to Rs. 350 Crores, net debt-to-equity ratio at 0.4x.
Key Issues Discussed
• Auditor Qualifications:
• Rs. 8.05 Crores qualification pending for four years, linked to ongoing arbitration.
• Rising Expenses:
• Increased transportation costs for RDF and employee costs due to inflation.
• Expectation of stabilization in costs over the next 18-24 months.
Cash Flow Management
• Days Sales Outstanding (DSOs):
• Returned to historical range of 60-65 days.
• Revenue Recognition:
• Shift to cash basis for reimbursement escalations expected to enhance margins.
• User Charges:
• Introduction in municipalities to diversify revenue and mitigate risks.
Future Outlook
• Contract Renewals:
• 18% of C&T revenues due for renewal with visibility extending for at least 12 months.
• Working Capital Concerns:
• Discussion on overdue receivables and interest charges on delayed payments.
• Proactive Payment Collection:
• Emphasis on assertiveness in collecting payments from municipalities.
Conclusion
• Importance of maintaining communication with stakeholders to address cash flow issues.
• Need for better coordination among industry players to tackle payment challenges.
• Acknowledgment of team and stakeholder support in achieving company goals.

Earnings Call Overview
• Date: February 14, 2023
• Transcript submitted to the National Stock Exchange of India
• Led by Group CFO N. G. Subramanian and Group President Mahendra Ananthula
• Discussed Q3 and first nine months of FY23 performance
Financial Performance
• Operating Revenue: Increased by 6% year-on-year to INR 158 crores
• Tonnage Processed: Grew by 7% to 0.64 million tons
• EBITDA Margins: Decreased to 15.4%, adjusted EBITDA stable at 24.8%
• Receivables Reserve: Created a reserve of INR 14.2 crores to address challenges
Strategic Initiatives
• Focus on enhancing waste management operations and diversifying revenue streams
• New Contracts:
• 20-year contract with Brihanmumbai Municipal Corporation for C&D waste processing (INR 1,024 crores)
• Recycling project in Varanasi (100 tons recycled)
• Seven-year mechanical power sweeping contract in Pimpri Chinchwad
• Refuse-Derived Fuel (RDF): Record sales of over 15,000 tons in the last quarter
Future Revenue Projections
• Anticipated additional 10% revenue from product sales in 1-2 years (approx. INR 10 crores)
• Vehicle scrapping facility details to be announced by early 2024, revenue expected from FY '25
• C&D waste processing contract in Mumbai with capex of INR 60 crores
Operational Insights
• Methane gas emissions managed at Kanjur facility
• Revenue from C&D waste processing could add 10% to future earnings
• Upcoming projects in Nashik, Pimpri Chinchwad, and NDMC with expected annualized contributions of INR 130-140 crores
Challenges and Concerns
• Increased transportation costs and startup expenses affecting core operating margins
• Delays in fund releases not classified as write-offs
• Over INR 40 crores in receivables over a year old, primarily due to project closure delays
Investor Inquiries
• Lack of segment-wise financial disclosures discussed
• Carbon credits from Kanjur project to benefit BMC; PCMC plant to yield 90% of revenues post-commissioning
• Plans to bid on three to four large tenders in the coming months
Conclusion
• Commitment to sustainable growth and technology-driven transformation emphasized by N. G. Subramanian.